2010 Component Unit Financial Statements - Regional ...

Proprietary Funds – Funds that focus on the determination of operating income, changes in net assets
(or cost recovery), financial position, and cash flows are reported for proprietary funds. The RTC has
one type of proprietary fund, an enterprise fund. Enterprise funds are used to report an activity where
fees are charged to external users. The RTC’s sole enterprise fund, the Public Transit Fund, is used to
account for transit operations.
FINANCIAL HIGHLIGHTS
The governmental activities of the RTC consist of two highway improvement funds, two debt service
funds, and two funds utilized to account for administration of the RTC and distribution of a portion of the
sales and excise tax revenue. The RTC funds a portion of street and highway projects for Clark
County, the City of Las Vegas, City of Henderson, City of North Las Vegas, City of Boulder City, City of
Mesquite, Bunkerville, Indian Springs, Laughlin, Moapa, Moapa Valley, Mt. Charleston, and
Searchlight, (collectively referred to as the Jurisdictions) through the nine cent motor vehicle fuel tax
and a portion of the sales and excise tax revenue allocated to the RTC Highway Improvement Fund.
The business-type activities consist solely of the RTC Public Transit System, accounted for in an
enterprise fund. The continued construction of street and highway, public transit facilities, and the
acquisition of public transit equipment account for the majority of the changes in the balances reported
in the statement of net assets.
Condensed Statements of Net Assets
Governmental Activities Business Type Activities Total
FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009
ASSETS:
Current and other assets $ 235,958,202 $ 308,569,184 $ 110,959,772 $ 131,159,732 $ 346,917,974 $ 439,728,916
Net capital assets 15,565,346 16,245,708 413,503,141 424,520,870 429,068,487 440,766,578
Total assets 251,523,548 324,814,892 524,462,913 555,680,602 775,986,461 880,495,494
LIABILITIES:
Long-term debt outstanding 672,799,946 651,394,861 2,219,070 1,606,500 675,019,016 653,001,361
Other liabilities 47,446,732 102,050,842 41,666,138 59,399,968 89,112,870 161,450,810
Total liabilities 720,246,678 753,445,703 43,885,208 61,006,468 764,131,886 814,452,171
NET ASSETS:
Invested in capital assets,
net of related debt 15,565,346 16,245,708 413,503,142 424,520,870 429,068,488 440,766,578
Restricted 175,204,663 197,429,688 175,204,663 197,429,688
Unrestricted (deficit) (659,493,139) (642,306,207) 67,074,564 70,153,264 (592,418,575) (572,152,943)
TOTAL NET ASSETS $ (468,723,130) $ (428,630,811) $ 480,577,706 $ 494,674,134 $ 11,854,576 $ 66,043,323
Governmental Activities
The decrease in current and other assets is due to the Jurisdictions spending on street and highway
projects, Clark County decreasing loaned securities allocated to the RTC by approximately
$29,000,000, and the reduction of outstanding accounts payable by approximately $25,000,000. Also,
cash balances were not replenished in FY2010 at the same level as FY2009 as new money debt
issued in FY2010 was only $33,000,000 compared to $80,000,000 of new money debt issued, in the
form of commercial paper notes in FY2009.
The increase in long-term debt outstanding and the unrestricted deficit is primarily due to the issuance
of $159,000,000 of new bonds, which refunded $120,400,000 of commercial paper notes and provided
$32,000,000 of new money for street and highway projects. In addition to the refunding of commercial
paper notes, this increase was also offset by the regularly scheduled bond principal payment of
$17,355,000. The RTC reimburses the Jurisdictions for approved expenditures on street and highway
projects, and the Jurisdictions retain and maintain the improved assets. The RTC's borrowing to help
fund jurisdictional street and highway improvement projects contributes to the accumulated deficit in the
RTC governmental funds as the resulting debt is retained and serviced by the RTC.
In addition to the reduction in accounts payable, the decrease in other liabilities was attributable to
Clark County decreasing loaned securities allocated to the RTC by approximately $30,000,000.
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